What is the estimated property tax for my residential property?

Q: What is the estimated property tax for my residential property? My property value by the Inland Revenue Department of Grenada is Land at EC 92,865.50 and Building at EC $274,189.50.

A: Based on the tax rates of 0.0020 on land value and 0.0030 on building value for a residential property, the tax amount on the land is EC $185.73 and the building is EC $822.57. Your total property tax bill for the year is EC $EC $1,008.30.

Also, as noted by the Inland Revenue Department of Grenada, the property owner is entitled to 5% discount if 50% of the tax is paid by March 31st and the remaining 50% is made payable by June 30th.